Gov't subsidies drop 79% in Q1 on reenacted budget
Published Apr 28, 2019 12:00 am
By Chino S. Leyco
State subsidies to government -owned and -controlled corporations (GOCCs) nosedived in the first three months of the year after the Duterte administration operated under a reenacted budget during the period.
Data from the Bureau of the Treasury showed that national government’s subsidies to GOCCs declined by 79 percent in January to March this year to P9.3 billion from P45.29 billion in the same period last year.
In March alone, subsidies dropped 84 percent year-on-year to P5.74 billion from P35.24 billion in the same month last year.
Based on the Treasury report, bulk of subsidies at end-March was given to the National Irrigation Administration with P5.77 billion, equivalent to 62 percent of the total, followed by the National Food Authority with P1.07 billion.
Other GOCCs that received financial aid from the government in the first-quarter were the Philippine National Railways with P296 million, Philippine Children’s Medical Center with P277 million, National Power Corp. with P273 million and the Philippine Fisheries Development Authority with P262 million.
State-run Small Business Corp. also received P250 million along with the Philippine Heart Center with P242 million, Philippine Coconut Authority with P207 million, National Kidney and Transplant Institute with P150 million and the Philippine Rice Research Institute with P72 million.
Likewise, the Cultural Center of the Philippine got P71 million, Lung Center of the Philippines with P71 million, Center for International Trade Expositions with P42 million, Philippine Institute for Development Studies with P33 million and Philippine Institute of Traditional and Alternative Health Care with P18 million.
Also included were the People’s Television Network, Inc. (P18 million), Light Rail Transit Authority (P15 million), Bases Conversion and Development Authority (P14 million), Tourism Infrastructure and Enterprise Zone Authority (P14 million) as well as Southern Philippine Development Authority (P12 million).
Lastly, Zamboanga City Special Economic Zone was subsidized P12 million, National Dairy Authority with P9 million and Credit Information Corp. with P5 million.
Earlier, Finance Secretary Carlos G. Dominguez III said that the reenacted budget had limited the national government’s spending by at least P1 billion each day in the first three months of the year,
Dominguez said the underspending incurred in the first quarter will take a toll on the country’s growth, which the Duterte administration expects to growth by around 6.0 percent to 7.0 percent.
According to Dominguez, public spending was below program by P98.3 billion or 11 percent at end-March to P778 billion.
Data from the Bureau of the Treasury showed that national government’s subsidies to GOCCs declined by 79 percent in January to March this year to P9.3 billion from P45.29 billion in the same period last year.
In March alone, subsidies dropped 84 percent year-on-year to P5.74 billion from P35.24 billion in the same month last year.
Based on the Treasury report, bulk of subsidies at end-March was given to the National Irrigation Administration with P5.77 billion, equivalent to 62 percent of the total, followed by the National Food Authority with P1.07 billion.
Other GOCCs that received financial aid from the government in the first-quarter were the Philippine National Railways with P296 million, Philippine Children’s Medical Center with P277 million, National Power Corp. with P273 million and the Philippine Fisheries Development Authority with P262 million.
State-run Small Business Corp. also received P250 million along with the Philippine Heart Center with P242 million, Philippine Coconut Authority with P207 million, National Kidney and Transplant Institute with P150 million and the Philippine Rice Research Institute with P72 million.
Likewise, the Cultural Center of the Philippine got P71 million, Lung Center of the Philippines with P71 million, Center for International Trade Expositions with P42 million, Philippine Institute for Development Studies with P33 million and Philippine Institute of Traditional and Alternative Health Care with P18 million.
Also included were the People’s Television Network, Inc. (P18 million), Light Rail Transit Authority (P15 million), Bases Conversion and Development Authority (P14 million), Tourism Infrastructure and Enterprise Zone Authority (P14 million) as well as Southern Philippine Development Authority (P12 million).
Lastly, Zamboanga City Special Economic Zone was subsidized P12 million, National Dairy Authority with P9 million and Credit Information Corp. with P5 million.
Earlier, Finance Secretary Carlos G. Dominguez III said that the reenacted budget had limited the national government’s spending by at least P1 billion each day in the first three months of the year,
Dominguez said the underspending incurred in the first quarter will take a toll on the country’s growth, which the Duterte administration expects to growth by around 6.0 percent to 7.0 percent.
According to Dominguez, public spending was below program by P98.3 billion or 11 percent at end-March to P778 billion.